AInnovation, a Beijing, China-based AI solutions provider, closed a Series B financing round of nearly 400m yuan (approx. US$60m).
The round was led by China Renaissance’s Huaxing Growth Capital Fund, with participation from investors including CICC ALPHA, SAIF Partners and CreditEase. Within less than two years since its inception, AInnovation has, in total, raised nearly 1 billion yuan (approx. US$150m).
The company plans to use the funds to further enhance the R&D for AI technologies and create AI products and solutions for the manufacturing, retail and financial industries.
Founded in March 2018 by Hocking Xu, CEO, AInnovation is the AI subsidiary of Sinovation Ventures committed to providing companies with AI-enabled products and business solutions powered by AI technologies for the manufacturing, retail and finance sectors.
Today, with a team of almost 400 employees, AInnovation has operations in 10 major Chinese cities including Beijing, Shanghai, Guangzhou and Chongqing.
Customers include CISDI, Zongshen, Gree, Baowu Steel, Changan Automobile, CTCE Group, Yee Tung Group, Mars, Nestle, Carlsberg, Yonghui, Swellfun, Wyeth, Postal Savings Bank of China, China Everbright Bank, PICC, CPIC and Taikang, among other leaders across a wide spectrum of industries.